AR/VR Banking Use Cases

Part
01
of six
Part
01

AR/VR Banking Use Cases

The 2 case studies of AR/VR banking or finance use cases are Trading VR App used by BNP Paribas and VR Innovation Lab by Commonwealth Bank.

Trading VR App

  • Swissqoute announced their Trading VR app in 2017, an app exclusively made in Switzerland.
  • The Trading VR App shows the trading wall in 360 degrees using a VR headset or a VR cardboard.
  • This Trading VR App can help users to check the stock market using a VR device.
  • The Trading VR App provides real-time Swiss stock scrolls, more accessible to users' orders using a limited configuration, and Swissqoute clients can also view their account status using this Trading VR App.
  • Another feature of this Trading VR App is that it follows the eye movements of the user to help them see information about the stock market clearly, among other things.
  • Trading VR App was developed to help their clients check their stocks and make trading easily.
  • Success Metrics: Swissqoute Trading App was first introduced to the IOS app store and is now available in the Google play store as well.
  • Their Swissquote Trading VR App has a 4.0 star rating in IOS app store with less than 5000 user downloads.
  • In Google play, their trading app with a 2.7 star rating with over 100k downloads.

VR Innovation Lab

  • Commonwealth Bank of Australia developed “Virtual Reality Workplace Experience.”
  • The app allows the user to direct the team to create an app for their customers.
  • There are a series of tests and obstacles that are created from the bank's values.
  • The app was created to give an overview of the Commonwealth Bank of Australia, what their employees do, and to learn how to think quickly and wisely in decision-making on everything they face with their bank's employees, and to let users develop advance ideas.
  • The CommBank Virtual Workplace has only one 5-star rating from the IOS app store.
  • Commonwealth Bank also introduced Innovation Lab in different countries like Hong Kong and London.
  • Through their innovative labs, users can develop new projects, and test their apps and websites using their advanced technology.
  • This first experiment of Commonwealth Bank of Australia was successful so they created another VR app that uses Google Cardboard and they introduced them in public.
Part
02
of six
Part
02

AR/VR Banking Use Cases 1

National Bank of Oman (NBO) and Capital One Bank Holding Company are two banks using AR/VR. The case studies of these two banks have been provided below.

National Bank of Oman (NBO)

  • National Bank of Oman experienced its breakthrough in banking technology in 2015 with the introduction of an augmented reality mobile app (NBO AR) to help customers locate their nearest branch or ATM and find the best deals and offers as they walk through a mall or anywhere in Oman.
  • The application is available for both it's customers and non-NBO customers.
  • NBO AR is available for download on the Apple Store and Google Play.
  • As users install the app on their phones, it provides them with useful information such as how they can navigate their way to the nearest National Bank of Oman, ATM, and CDM location.
  • The app also has a special feature that enables users to scan NBO's advertisements to enjoy a rich video experience of the products or services provided.
  • Through the app, customers can send money instantly to anyone in Oman using their mobile number or QR code.
  • Users can also use their mobile number or QR code to receive money instantly from anyone in Oman to their NBO Bank Account or Wallet.
  • The NBO App has more than 100,000 downloads and a rating of 4.1/5 on Google Play.
  • It has a rating of 4.0/5 on the Apple Store.

Capital One Bank Holding Company

  • Recently, Capital One launched Auto Navigator, an augmented reality mobile app that allows users to go to automotive showrooms or just be on the street and point their iPhones at any vehicle to view specific information of the vehicle in real-time.
  • The intention behind the app was to bring the demanding and time-consuming process of buying a car to a single app thereby facilitating an opportunity for the bank to give out loans to its customers to pay for the cars.
  • The app enables users to find out the vehicle price, local dealerships, average monthly payments, and leasing details with the wave of a smartphone.
  • Details such as year, model number, and car make will appear on the phone screen to help users with their purchase decision.
  • Auto Navigator enables users to see if they are pre-qualified for funding without affecting their credit score.
  • The users can search nearly four million cars from over 13,000 participating dealers across the country.
  • Auto Navigator App is available for download on the Apple Store
  • Auto Navigator has a rating of 4.2/5 on the Apple Store.
  • 98% of reviewers recommend the app.
Part
03
of six
Part
03

AR/VR Banking Use Cases 2

Additional case studies of AR/VR banking or finance use cases are Branch of the Future and Citi — Holographic Workstation.

Bank of Kuwait Branch of the Future


Citi — Holographic Workstation

How Holographic Workstation Works

  • Since the traders work with hundreds of financial instruments, the workstation presents them in the form of spheres and groups them into color-coded asset classes.
  • In order to make work easier for traders, the sphere's volume is set to correspond to market volume for a specific period.
  • On the other hand, the particle clouds are set to correspond to the clusters of the individual's activity enabling the individual to easily see where the market is most active and focus there.
  • The AR gives traders the ability to track past trends and monitor stock indices hence improving their decision-making ability.
Part
04
of six
Part
04

AR/VR Banking Use Cases 3

Wells Fargo, Fidelity Investments, Mastercard and Swarovski three organizations that have incorporated augmented reality or virtual reality technologies in some services they provide.

WELLS FARGO

  • Wells Fargo decided to allow its customers to solve the majority of banking issues which involve interaction with a bank teller in a holographic environment built on augmented reality.

Features and uses of Wells Fargo AR

FIDELITY INVESTMENTS

  • Fidelity Labs, is a research and development division of Fidelity Investments. It collaborated with Amazon to offer its clients a simpler, safer and more comfortable way of managing their portfolio of stocks and shares called Cora.
  • Customers just have to put on a VR headset and access the virtual reality application named Cora’s Virtual Chart Room. Cora is a competent and helpful virtual adviser who shows each client how well their portfolio performs, as well as giving them opportunities to buy or sell stocks depending on the market trends.

Features and uses of Cora VR.

  • Cora, greets users in a VR environment and pulls up charts based on spoken cues.
  • The project provides the VR environment and vocal command technology via Alexa and Polly, and is part of a larger look at “high-level” virtual reality use cases that could potentially displace some legacy technologies.
  • Cora helps users visualize their saving goals and also provides them with virtual financial coaching which, in turn, can help in decision-making.
  • VR enables a level of access and mobility not always available in the real world. This can make people feel closer and connected to others, even if they happen to be miles and continents apart.
  • Cora was developed in May 2018, the application is still in its demo phase, but very soon Fidelity’s customers will be able to access Cora’s professional advice and manage their stocks in a modern and interactive manner.

MASTERCARD AND SWAROVSKI

  • Mastercard and Swarovski launched a virtual reality (VR) shopping app for the Atelier Swarovski home decor line, a collection of functional and decorative crystal home accessories designed in collaboration with world-renowned architects and designers.

Features and Uses of the VR

  • Consumers can place their phone into a compatible VR headset to enter the experience, which lets them walk through the five areas of the virtual home to browse designs by artists such Norwegian-born Kim Thome, Amsterdam-based Aldo Bakker, Spanish designer Tomás Alonso and the renowned architect Zaha Hadid.
  • Once in the VR environment, they are able to learn about the stories behind each piece, read through descriptions, see the pricing, and in some cases watch videos about its craftsmanship.
Part
05
of six
Part
05

AR/VR Banking Use Cases 4

Additional case studies of AR/VR banking or finance use cases include the DBS Home360 developed by DBS Bank Hong Kong and Widiba Home by Widiba Bank. A detailed presentation of the case studies is presented below.

Widiba Bank

  • The Italian bank known as Widiba developed the Widiba Home application which is a virtual reality banking system designed to enhance the banking experiences of its customers.
  • Customers can download the Widiba Home application and on wearing a VR headset, they can enter into a virtual branch to carry out normal banking transactions or consult an adviser.
  • While in the virtual branch, customers can ask questions the same way they speak to real-life agents or browse the monitors in the bank. Widiba customers can inquire about transactions and balances on their cards or accounts, check portfolio, and securities information.

DBS Bank Hong Kong

  • DBS Bank Hong Kong launched DBS Home360 which is a banking mortgage application that uses VR to help customers during the home buying process. The bank partnered with Century 21 which is among the largest players in the Hong Kong real estate industry.
  • DBS Home360 VR tool helps mortgage customers stay updated on the ongoing real estate industry changes and benefit from comprehensive information from a single application.
  • The "properties for me" feature assists customers to select properties based on location preferences and affordability. It has a Virtual Tour feature which enables customers to take a virtual tour to selected properties without leaving their home.
  • The valuation tool delivers an instant preliminary valuation of chosen properties which acts as a reference point for prevailing market values. After making a decision, customers can use the budgeting tool to determine how much they will be expected to pay for the property.
  • The bank gathered customer insights and realized that most Hong Kong home buyers gather information about properties from several channels while trying to asses the most suitable option and the underlying costs. DBS Home360 is designed to make the process seamless, interactive and enhance the customers' banking experience.

Research Strategy

In order to find case studies of AR/VR banking or finance use cases, we consulted the web for press releases, industry reports, and blogs with details about use cases launched between 2017 and 2019. We managed to find relevant case studies and included those within the specified time-frame. While we have used one source dated 2017, it is a press release on DBS Bank's website announcing the launch of their VR banking application. The information from the press release is consistent with what is stated on download sites for the application and databases that list applications hence credible.


Part
06
of six
Part
06

AR/VR Banking Use Cases 5

Future impacts that AR/VR technology will have on banking and finance include the creation of new types of jobs, fewer banking branches, data visualization, retaining younger customers, and virtualized recruiting and training. Ideas for applying AR/VR technology within banking and finance in the future include the creation of virtual banking branches, holographic workstations, scanning for service, avatar-based interviews, and virtualized training/office tours.

Future Impacts of AR/VR on Banking & Finance

1. New Jobs

  • The use of AR within the banking and financial will result in the creation of new types of jobs in the future.
  • An example of a job title of the future involving AR is Mixed Reality Experience Designer . That job will focus on "[o]verlaying our physical world with a layer of digital data . . . to create any imaginable character or object and locate them in physical space as if they were real . . . [which] will likely be used to carry out some of our banking needs in the future."
  • Skills that will be necessary for that job include 3D mechanics, branding, aesthetic design, and user experience.
  • The aforementioned type of work within banking and finance is projected to "be a major new employment area for the future."

2. Fewer Branch Locations

  • A future impact of AR/VR on banking and finance is that there are projected to be far fewer brick-and-mortar banking branches, as a result of such technological advancements.
  • Some sources opine that banking branches might no longer exist in the future, as a result of technological advancements and changing consumer preferences for tech-enabled services. As one source put it, "[w]ith the help of AR and VR, the banking sector may get rid of the existing brick and mortar banking branches, thereby saving money and time, while simultaneously offering an improved banking experience to people."

3. Data Visualization

  • AR and VR are expected to play an important role in the future of data visualization for banking and finance professionals.
  • The Microsoft HoloLens, developed by Citi, is an example of how analysts and traders can/will use AR and VR to visualize data in the future, both more efficiently and comprehensively.

4. Retaining Younger Customers

  • A future impact of VR technology on banking and finance is that institutions who embrace such capabilities will be more likely to retain younger customers in the years ahead. The impetus for banks and financial institutions to retain younger customers has been described as "an issue that is becoming increasingly urgent."
  • Among millennials, 73% "consider tech companies like Google, Amazon, Apple, PayPal, or Square as their main source for new financial offerings." However, by launching "exciting new VR experiences that change how people think of traditional banking, and modernize the entire process[,]" financial institutions and banks can try to recapture the attention of younger consumers going forward and thus attract them as customers.

5. Recruiting & Training

  • VR/AR technology is also expected to impact the recruiting and training processes within banking and finance.
  • For example, VR is expected to "eliminate the need for the scheduling of live interviews" within banking and finance.
  • Job candidates will also be able to be simultaneously "test[ed] and hire[d]" by banking and financial institutions through the use of avatars.

Ideas for Applying AR/VR in the Future

1. Virtual Branches

  • A prominent idea for applying AR/VR technology in the future involves creating virtual banking branches.
  • According to financial services institutions BBVA, "the concept of virtual offices or virtual customer service centers keeps gaining momentum."
  • At such virtual offices, staff members would be avatars capable of interacting with customers just like they would in-person.

2. Holographic Workstations

  • An idea for applying AR/VR technology in the future for banking and financial institutions involves holographic workstations.
  • An article from Venture Beat stated that "[a]s the need to rapidly grasp complex trends increases, and the amount of data available becomes greater, AR steps in to bridge the gap between machine data analysis and human understanding. AR-enabled data visualization can help analysts understand complex data streams and make decisions quickly."
  • This link is to a video showing how a holographic workstation functions.
  • An early example of these technologies being used within banking and finance is Salesforce's headset called Oculus Rift. Nonetheless, there is much still to come with regard to holographic workstations in the future, as "many other finance tech data visualization tools are on the horizon."

3. Scan for Service

  • A future idea for applying AR/VR technology within banking and finance involves applications of AR that are capable of "assisting people with information about their bank account, loan transactions, online payments, and so on by merely scanning the credit or debit card through their smartphones."

4. Recruiting/Training

  • VR will be used in the future to provide office tours remotely to new hires within banking and finance, so that they can learn about the company's culture without even visiting in-person.
  • With VR, several job candidates can be simultaneously interviewed by one recruiter "with the recruiter’s virtual avatar" which can save banking and financial institutions' personnel resources and time.
  • VR and AR will also be used to train new staff members at banking and financial institutions "by immersing them in a virtual space where the staff gets to experience, first hand, how customers engage with the bank’s services and how their experiences shape up."

Research Strategy

We identified future impacts that AR/VR technology will have on banking and finance by reviewing numerous articles published by a variety of media, tech, and finance sources. Some of the sources we consulted included BBVA, Venture Beat, FinExtra, and Allerin. We used that same research approach to identify ideas for applying AR/VR technology within banking and finance in the future. We found considerable overlap between the future impacts of and ideas for applying AR/VR technology within banking and finance. For example, a future impact of AR/VR technology within banking and finance is that there will be less banking branches, as a result. Simultaneously, an idea for applying AR/VR technology in the future involves the creation of virtual banking branches where customers can interact with avatars capable of providing the same services available at traditional banking branches. For that reason, we distinguished between future ideas and future impacts by categorizing our findings into two different sections.
Sources
Sources

From Part 03
Quotes
  • "With the help of a VR design, the concept of the ‘Branch of the Future’ came into life. The credit for the creation goes to a consultant who was working for this bank."
Quotes
  • "Then the consultant turned all the suggestions into VR vignettes, allowing everyone to tangibly visualize how the experience might be shaped and impacted by each proposed idea."
Quotes
  • "Financial institutions need to ensure that they are training employees to give them skills that will help them do their jobs to the best of their abilities. Banks can use a VR experience to experientially train their employees (simulations, role plays, etc.) on compliance norms. Bank of Kuwait leverages VR to train its employees on ‘branch of the future’ requirements.iv"
Quotes
  • "Some companies are making trading a virtual experience by creating virtual reality workstations for trading. Citi uses Microsoft HoloLens to give traders Holographic Workstations. "
Quotes
  • "Data visualization is a major challenge for financial institutions. As the need to rapidly grasp complex trends increases, and the amount of data available becomes greater, AR steps in to bridge the gap between machine data analysis and human understanding."
From Part 04
Quotes
  • "Wells Fargo has decided to allow its customers to solve the majority of banking issues which involve interaction with a bank teller in a holographic environment built on augmented reality."
  • "GTE Financial is one of the largest credit unions in Florida. Recently, the financial institution decided to create a user friendly environment in 3D"
  • "They just have to put on the VR headset and access the virtual reality application named Cora’s Virtual Chart Room"
Quotes
  • "The agent, called Cora, greets users in a VR environment and pulls up charts based on spoken cues"
  • "It’s a bit early to say just how VR will catch on in finance, but I think it can go a long way to developing the trust and transparency that are so crucial to successful client interactions"
Quotes
  • "Consumers can place their phone into a compatible VR headset to enter the experience, which lets them walk through the five areas of the virtual home to browse designs by artists such Norwegian-born Kim Thome, Amsterdam-based Aldo Bakker, Spanish designer Tomás Alonso and the renowned architect Zaha Hadid"
  • "Once in the VR environment, they are able to learn about the stories behind each piece, read through descriptions, see the pricing, and in some cases watch videos about its craftsmanship"